As athletes we have several different ages. The age on our drivers license is one of them and our Sports Age is often a completely different one. I am 38 (nearing 39) but I've been competing in sports since I was 4 years old at an intense level. My body is filled with little places where I did an "oops" a "I shouldn't have done that" and a lot of "remember me marks". I can't change them now but I can get smarter about how I move forward.
The biggest thing that a Masters Athlete can do is establish and live by a different kind of Training Max. The Training Max of the Masters Athlete is quite often much different from the "younger athlete" and training needs to be adjusted accordingly.